Should I buy this single wide?

andy2014

9 years ago

I have an opportunity to buy a 2001 Clayton single-wide (16x76) mobile home. It is on 1.5 acres of land in a rural subdivision outside of San Antonio, Texas. From the tax records, I can see the land is valued at $20K and the home is valued at $31K. The sellers are asking $51K for the home/land. I did walkthru of the property and it appears to be very clean. I even got under it, and looked for leaks or damage, and there was nothing noticeable. A military couple has been living in the home since it was new and they took very good care of it. Skirting around the home is done in stucco.

Question...is it a bad idea for me to buy this home? I was thinking about offering $45K. I've never owned a mobile home before. Looking for some advice because I think this may be a good investment opportunity. Thanks y'all.

Comments (3)

cathyyg
9 years ago
As an investment which you expect to appreciate in value, probably not. As a reasonably priced place to live that would allow you to invest money elsewhere, then probably. Housing is not the fabulous investment opportunity that it used to be, and that goes extra for manufactured homes.

Do your due diligence first. Is the home on a permanent foundation? Is it legally real estate or is it still titled as a manufactured home? If you have cash it doesn't matter, but if you need a mortgage it matters a lot.

How old is the furnace, the hot water heater, the roof? When was the septic tank pumped? When was the water from the well tested? Is there any fracking in the area that might contaminate the well? Is the well deep enough to keep you in water through a sustained drought? Inrto what aquifer is the well sunk? How many people have water rights that come before yours?

31k for the home seems a bit steep. Where did this number come from?
FayeN1969
9 years ago
No, a thousand times, No.

I agree with cathyyg. After making the mistake in buying a double-wide manufactured home, I can tell you that insurance can be a nightmare. Check with your local insurance companies to see how they classify your home for insuring.

Even though our state of Kansas taxes manufactured homes on a permanent foundations as legal real estate, finance companies are hesitant to finance them and insurance companies charge so very much more to insure them.

If you can pay cash, want to live in the home temporarily, intend to build and just want the land, then perhaps it is a good deal for you.

As an investment, renters are notorious for not taking care of property and manufactured homes can be easily damaged. Nothing against renters but when someone does not have a vested interest in property, they tend not to be as diligent as the owner.

Resale values on manufactured homes are still like selling a used car. Don't think you can get more out of it than what you paid for it.

Good Luck and I am sure you will do what is right for you.
Related Professionals
Auburn Hills Architects & Building Designers · Fort Lewis Architects & Building Designers · Saint Louis Park Architects & Building Designers · South Elgin Architects & Building Designers · Bonita Home Builders · Fresno Home Builders · Waimalu Home Builders · Cedar Rapids Flooring Contractors · Emmaus Flooring Contractors · Fort Pierce Flooring Contractors · Harrisburg Flooring Contractors · Hazleton Flooring Contractors · Land O' Lakes Flooring Contractors · Pasadena Flooring Contractors · South Peabody Flooring Contractors
Debbie B.
8 years ago
I know I'm a bit late to this party, but I'll throw in my two cents' worth. I agree with Cathy and Faye, with one important exception. You mentioned the land is in a rural suburb of a large city. Will San Antonio be expanding out that direction as it grows? If so, I'd jump on it, because when cities start to encroach upon formerly rural areas, land values can suddenly rise spectacularly! Of course, though, never invest more than you can afford to lose. I'm curious as to whether you ended up buying it?